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Interest Rate On Fixed Deposit Accounts In Nigeria - Investment (1) - Nairaland

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Zenith Bank Fixed Deposit Interest Rate / Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks / Interest Rate On Fixed Deposit Accounts In Nigeria (1) (2) (3) (4)

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Re: Interest Rate On Fixed Deposit Accounts In Nigeria by faakay(m): 4:25pm On Dec 15, 2009
It depends on the amount you are fixing and the bank you are dealing with
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by pecu5: 5:05pm On Dec 15, 2009
In Gtbank 1,000,000 NGN attracts the fwing;
for 30 days- 10%
60 days- 10.5%
90days- 11 %. For more details visit any gtbank branch or call 0700 GTCONNECT
Thank you
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by sperrysun(m): 5:09pm On Dec 15, 2009
The Diamond High Interest Deposit Account (HIDA) is an account designed for our premium customers who can maintain a minimum balance of N100,000, whilst still allowing you easy access to your money wherever and whenever you want it.

If you plan to save a large sum of money for a longer term and want to maximize the interest earned, look no further than our Diamond High Interest Deposit Account (HIDA). As long as you have a minimum of N100, 000 or more, you will be able to enjoy tiered interest rate ranging from 8% to 10% per annum, meaning the larger the balance, the higher the interest rate and this is paid monthly.(http://www.diamondbank.com/component/content/182.html?task=view)

@SUNBOY, The DIAMOND BANK HIDA offers 8-10% per annum, but is payable monthly. So its not 8-10% monthly. Just wanted to correct that.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by pecu5: 5:13pm On Dec 15, 2009
note that the rate are per annum. so it has to be pro rated per month
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by babaogun(m): 5:26pm On Dec 15, 2009
romero:

Oceanic Bank wants to give me 10% on N1ml for fixed deposit. I understand FD is subject to negotiations. You will benefit better if your investment is huge.

But on the other hand, i understand one can get 3% per month if it is SAVINGS. This means one can get up to N30,000 in a month on N1ml

We just need to do survey sometimes. I mean we must be inquisitive.

LET US LEARN TO ASK REASONABLE AND RELEVANT QUESTIONS.

No where in the world will you get savings interest at 3% per month, its an annual payment paid monthly, To keep it simple, you get 30k divided by 12 as interest every month.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by ShadyDeal(m): 5:38pm On Dec 15, 2009
I can give you 25% in my MFB
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Dungren(m): 5:48pm On Dec 15, 2009
Shady Deal:

I can give you 25% in my MFB

@Shady Deal

With that kind of name, pple would be scared to make any deal with you. LOL
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by puskin: 5:51pm On Dec 15, 2009
Im into an investment that pays me btw 15-20% per month.
Iv been in it for over a year nw.
They hv neva defaulted in paying me.
I hv always ask'd 'em what they do, all they say is forex but I knw they do more than just dat.
Anywayz, who cares? Iv collected my invested sum more than X2 and the interest is still coming.
Iv given them a strict warning dat the day they default payment, im collapsing the investment.

1 Like

Re: Interest Rate On Fixed Deposit Accounts In Nigeria by frenchman(m): 6:31pm On Dec 15, 2009
just got a response from Diamond Bank:

Dear Customer,

Thank you for contacting Diamond Bank.

The interest rate for N 1 million is 10% p.a

The interest is approximately N 8, 219.00.

Thank you for your interest in Diamond Bank.

Regards,

Diamond Care

Diamond Bank Contact Centre
Diamond Bank
Plot 730 Adeola Hopewell Street.
Victoria Island, Lagos
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by 4rexpalace: 6:34pm On Dec 15, 2009
puskin:

Im into an investment that pays me btw 15-20% per month.
Iv been in it for over a year nw.
They hv neva defaulted in paying me.
I hv always ask'd 'em what they do, all they say is forex but I knw they do more than just dat.
Anywayz, who cares? Iv collected my invested sum more than X2 and the interest is still coming.
Iv given them a strict warning dat the day they default payment, im collapsing the investment.




if they tell you they trade forex and they are paying you then it is true. i also trade forex and i know much is being made from the market everyday the only problem is that in this part of the world even people that dont know jack about forex will claim they know all. so forex is real my dear and i can advice people to invest in it if only they have the KNOWLEDGE see i wrote that in caps.If they dont they should seek the KNOWLEDGE  
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by johnkent(m): 6:45pm On Dec 15, 2009
U guys are complaining when the interest rate for fixed accounts here in the US is less than 2%
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by kauza: 7:10pm On Dec 15, 2009
It is subject to negotiations.FINBANK gave me 12.5 % on 1million.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by bamshow: 7:25pm On Dec 15, 2009
Ladies, Gents, wherever on the globe you might be, NigerianBanks used to borrow money from Foreign banks @3-5% p/a and sell the same to Nigerians at 18-22%p/a thereby profiting in the margin spread. But with the global crisis, This is no longer so, so they come up with ideas to make you part with your money and trade/ invest or extend it as a credit line at <20% p/a. My advice is this. before subscribing to any bank's investment or insurance scheme, Ask the marketer for the inflation rate in Nigeria. Next question ask them for their interest rate return. If inflation rate is greater than interest rate, Dont even allow the marketer to sit down. If otherwise, determine if the spread is ok for u before continuing. Acceptance will now depend on your risk apetite and nature.

But a Critical note is this; Average Int rate on Savings is 3-5% per annum, Fixed Deposit is 10-15% per annum. No Bank, I repeat no bank is going to offer you 10% per month. All their Rates of Interest is Per Annum, Monthly Figures will then be derived. The interest can be compounded monthly and credited to you but not the entire interest on principal per month. So look into the terms properly before agreeing and dont allow any sweet tongued banker to hoodwink you. Get your facts rite. Nairalanders, I rest my case

P.S I love the Banking profession a lot
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by xttobliss: 7:36pm On Dec 15, 2009
Which of the banks hz the lowest interest rate on loan
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by FBS: 7:51pm On Dec 15, 2009
Interest rate on FD in ANY BANK IN THE WORLD IS PER ANNUM! which is often lower compared to when you are taking credit from the bank.

The amount you are investing is the KEY here. Also have in mind that your accrued interest is also taxable.  cheesy
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by CarlosVent(m): 7:59pm On Dec 15, 2009
dnt fix any money. import computers and sell that will be and is d best .
fixing gives little or no gain at all
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Dungren(m): 8:03pm On Dec 15, 2009
bamshow:

Ladies, Gents, wherever on the globe you might be, NigerianBanks used to borrow money from Foreign banks @3-5% p/a and sell the same to Nigerians at 18-22%p/a thereby profiting in the margin spread. But with the global crisis, This is no longer so, so they come up with ideas to make you part with your money and trade/ invest or extend it as a credit line at <20% p/a. My advice is this. before subscribing to any bank's investment or insurance scheme, Ask the marketer for the inflation rate in Nigeria. Next question ask them for their interest rate return. If inflation rate is greater than interest rate, Dont even allow the marketer to sit down. If otherwise, determine if the spread is ok for u before continuing. Acceptance will now depend on your risk apetite and nature.

But a Critical note is this; Average Int rate on Savings is 3-5% per annum, Fixed Deposit is 10-15% per annum. No Bank, I repeat no bank is going to offer you 10% per month. All their Rates of Interest is Per Annum, Monthly Figures will then be derived. The interest can be compounded monthly and credited to you but not the entire interest on principal per month. So look into the terms properly before agreeing and dont allow any sweet tongued banker to hoodwink you. Get your facts rite. Nairalanders, I rest my case

P.S I love the Banking profession a lot


I concur to the highlight. Even individuals in Nigeria that were aware took advantage of the opportunity through close pals abroad.

1 Like

Re: Interest Rate On Fixed Deposit Accounts In Nigeria by saintneo(m): 8:19pm On Dec 15, 2009
FD percentages is a very big deceit for Nigerians.

@poster I'm not trying to go against you plans make your money work for you. Going by CBN instructions NGN1m will give you a NGN150k after one year at 15%. However, you can negotiate to some lower percentage on monthly basis.

On the contrary, why don't we go in to real sector for once, everyone is very cautious about his wealth nowadays. The people with money have no impetus to go into a challenging business pursuit. The people without money are all looking for who to scam , dame! It seems to me that capitalism is to have reached its boiling point in Nigeria.

I tried investigating FD in UK. Do you guys know what I got? Money = £5k - 2.25%, £5k < Money < £50k - 3.00% and Money > £50k - 3.25%.
The UK Financial sector is not encouraging people to go into FDs, that why their economy is balanced. Unlike ours with inflation everyday, jacking up of interest rates etc.

Why keep our seeds in the barn to spoil when we have a very vast farm land to plant them. Its time we all deep, the money bags and the non-money bags.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by init4dmoni(m): 8:26pm On Dec 15, 2009
my dad got 15.3% on a 60mill
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by bamshow: 8:47pm On Dec 15, 2009
@init4dmoni, Congatulations!!!!!! Wao. But do you know that if you had invested the money in any venture of your I mean ANY, you would have turned over the money at leat once in One year. Take heed, unless the money is meant for MDAs it is not worth it placing it in fixed Dep.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by supereagle: 9:03pm On Dec 15, 2009
In this IT age, you people are talking abt Industrial age Investment that is not bringing profits again. Before the end of January , I will give you a system that will sustain you for 30 yrs. Keep waiting.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by magnumshie: 9:14pm On Dec 15, 2009
Quite spontaneous,was going 2do a fixdeposit as a compensation 2day but when i learnt all dis funny rate ad2 withdraw.Rather settle 4 a normal account
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by DemmyDaat(m): 9:21pm On Dec 15, 2009
According to my recent enquiry which was about 2 weeks ago;
 

First Inland Bank gives 11% interest rate on NGN500,000 in 3 months,and 15% on NGN1,000,000 in 3 months.

Oceanic Bank plc gives  11% on NGN500,000 in 3 months,and 12% on NGN1,000,000 in 50 days.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by olorunoba(m): 9:59pm On Dec 15, 2009
It varies a little but what ever the amount you get btw 10 - 12 percent . after diving it what ever you get will be divide by 12month that is the answer
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by kinsbrooks: 10:25pm On Dec 15, 2009
Guys, d sad news is that wise guys dont put money into someone''s(bank) hand and expect good returns. take ur money and do biz with it. neva say wat u have is not enough. if u can think through, what u have is enough. brodas, take your destinies in your hand. there is a need around you which u can fill/supply and make 100% returns. money is a currency. it flows like current. when u dam it @ a point, what u have overflowing is profits.inside each one of us lies talents from God waiting to be excavated. friends, spend time and sharpen ur mind with relevant books and wise men. all d best
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by saintneo(m): 10:42pm On Dec 15, 2009
init4dmoni:

my dad got 15.3% on a 60mill

going by the massive sacks going on in the banking sector, ur dad can get 19%. but this is not my ideal investment though. my previous view stands.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by lewisky(m): 11:12pm On Dec 15, 2009
frenchman,i ll give u 10kfor a month.if u game pls call 08029841228
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Renz(m): 11:27pm On Dec 15, 2009
FD is for Low Risk takers and people who cant just with stand losing a dime
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by slimes(m): 11:38pm On Dec 15, 2009
Interest rate is normally calculated yearly and banks will realistically give more for huge deposits like between 10% to 20% so work the maths before imnvesting in any bank. Be sure it's not a bank that will use your money for illegit stuff
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by ashington1: 12:12am On Dec 16, 2009
kinsbrooks:

Guys, d sad news is that wise guys dont put money into someone''s(bank) hand and expect good returns. take your money and do biz with it. neva say wat u have is not enough. if u can think through, what u have is enough. brodas, take your destinies in your hand. there is a need around you which u can fill/supply and make 100% returns. money is a currency. it flows like current. when u dam it @ a point, what u have overflowing is profits.inside each one of us lies talents from God waiting to be excavated. friends, spend time and sharpen your mind with relevant books and wise men. all d best

I concur, check out http://www.ashingtononline.com for affordable lands with genuine titles that will fetch you 40-60% rate of return on your investment within 2-3years. No Bank can match that.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Roforofo(m): 12:51am On Dec 16, 2009
I know the interest offered on fixed deposit is "chicken change" for some people on Nairaland but for me it is ok. I have 10 million fixed with GTB at 14% and I get paid about 343,000 Naira every 90 days. I know some will say with "e-book, forex trading, malu trading, diesel trading and haulage business" I will get much higher returns. However I am not interested in high returns. I live in the UK and I just wanted to keep money safely in my country so that I can earn reasonable returns and use the interest whenever I am visiting Nigeria without needing to ever carry forex from here when I am visiting Naija. It is also easy with GTB to manage your accounts online from abroad and make payments to family members in Nigeria in Naira without ever needing "Moneygram or Western Union".
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by slim69: 2:25am On Dec 16, 2009
Anybody got information on FD in firstbank? Rumour has it that the returns is not that bad and one would be glad opening with them.

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